No one wants unnecessary court involvement in their life. But without careful and proactive estate planning, chances are that some aspect of your estate will end up being decided there. Here are two of the most common ways court proceedings can make their way into the management and distribution of your assets, along with the estate planning measures you can …
Farm Estate and Succession Planning from Cari Rincker I am excited to be speaking to the Indiana Master Class tonight on farm estate and succession planning. You cannot really talk about farm estate planning without also discussing business planning. To me, all three concepts are intertwined. Here is my powerpoint presentation. I’m passionate about helping farm families through transitions in …
If you have made a Living Will already, you have probably provided your wishes regarding artificial nutrition or hydration, CPR, and your views on organ donation. However, there are many other specific types of treatment that may not be in your Living Will, but should be. If you have not created a Living Will, or wish to revoke an old …
Most people think a Health Care Proxy and Living Will are the same thing and you only need to create one. In New York, a Living Will is not a legal document, but it is still best to have these two documents drafted so that they can be interpreted in conjunction with each other. The best advice I can give …
Knowing these basic estate-planning definitions may be helpful in any conversation you may have with an estate planning professional: A Last Will and Testament (usually just called a “will” for short), is a document that gives your directions on what to do with your property when you die. It takes effect only after you have actually died, and it must …
Don’t be afraid to have open and honest conversations with your family about estate and succession planning. “The only thing certain in life is death and taxes,” Ben Franklin famously said; so let us not make the topic taboo. In order for a farm or agri-business to successfully pass to the next generation (if that is what you want), …
Despite popular belief, the succession and estate planning process is more than just getting a Last Will and Testament – it’s taking a solid look at your estate planning goals and coming up with a plan that works for you and your family farm (no matter the size). I think it’s really important for family farms to “improve the default …
As I have noted in previous “Spring Cleaning” posts on Health Care Proxies and Living Wills, I think spring is the perfect time to look at your estate planning documents on an annual/bi-annual basis to make sure everything is up-to-date. A few weeks ago, I attended an Article 81 Guardian course for attorneys. It reminded me how important it is …
Hopefully all of you timely filed your tax returns by April 15th. As I noted in this blog, I think a review of your estate plan is a great thing to do each year after tax season to help establish an annual routine. A few weeks ago I gave a general overview of health proxies. When you are reviewing your documents this spring …
I read a great article in the Agriculture Law Update from the American Agriculture Law Association (“AALA”) by Kevin Alerding, Esq., a Partner at Ice Miller, LLP in Indianapolis, Indiana, about reviewing estate plans. Alerding recommends that folks review their estate plan once a year. I think this is good advice so it becomes part of your regular routine. Perhaps after you …